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Private Sector | Texas - United States | PID: 182069
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Sajjan Jindal-led JSW Steel recently said it will pump in $150 million (approximately Rs. 10 billion) in the first tranche to set up its new steel facility in Texas, US
This is part of the $500 million investment commitment made by the company for the steel pipes and plates facility in Texas in March this year
JSW Steel will invest $150 million (approximately Rs. 10 billion) in the new (steel) facility at Baytown, Texas," the company said
JSW Steel (USA) Inc is setting up the technologically advanced and eco-friendly electric arc furnace, slab caster and plate mill
The new facility is expected to be the only melt-and-manufacture plate mill with a contiguous pipe mill in North America," the company said
The plant will be built on 111 acres at JSW USA's 700-acre Baytown campus
The company is embarking on a journey to create 1,000 new jobs in the USA
This follows JSW's announcements to invest up to $1 billion in enhancing its steel manufacturing capabilities in the USA," it said
The plant is expected to be completed by March 2020
We are proud and excited to be building this fully integrated plate and pipe mill in Texas, enabling this unit to be considered a US melt-and-manufacture facility," Parth Jindal, director, JSW USA, said
In March, JSW Steel (USA) Inc and the Office of Governor, Texas, signed a Memorandum of Cooperation to develop and augment the steel industry in the state
According to the memorandum, JSW Steel (USA) Inc agreed to consider an investment of up to $500 million in phases (subject to EPA approval) to develop its steel manufacturing infrastructure in Texas
Later in June, JSW Steel proposed another investment of up to $500 million in acquiring, enhancing and upgrading Acero Junction Inc, an integrated steel manufacturing unit with a potential capacity of three million tonnes per annum (MTPA) located in Ohio, US, in phases
This takes JSW's overall investment blueprint for the US market, to produce American melt and manufactured steel, to up to $1 billion," the company added
| Updated on: 29 - Oct - 2018
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